While I recognize that most commentators, especially those that run money, are apt to talk their positions, Bill Gross has a place in my mind as well.
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Perhaps, but as Greenspan said, recognizing bubbles is a tricky affair and best accomplished after the fact. Aside from the NASDAQ, how many of you would now argue that the Dow or the S&P 500 represent bubble markets? I might, but I remain, I fear, in the distinct minority.
So lay off the rotten tomatoes will you. I’ll tell you who did us in. I’ll tell you who caused this recession, and who’s going to be responsible for a tepid, sluggish recovery for the next several years. Pick up a mirror. You’re looking at him. If you consider yourself a capitalist, then you’re looking at him. Animal spirits and yes, irrational exuberance did us in, not Alan Greenspan.
Mirrors my thinking exactly.
Last month's commentary is sobering.
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